FT’s Professional Wealth Management (PWM) Produces Dominica CBI Documentary

PWM released the documentary in five parts elaborating Dominica's CBI

Thursday, 7th November 2019

This year, a team from the Financial Times’ Professional Wealth Management (PWM) Magazine travelled to Dominica to learn more about the country’s Citizenship by Investment Programme, and the role it plays in Dominica’s development and road to recovery in the aftermath of Tropical Storm Erika and Hurricane Maria. The outcome was a Spotlight Series documentary presented by PWM Editor-in-Chief Yuri Bender.

https://youtu.be/anDQhj5xHCM

Part 1: Road to Recovery

In the documentary, Dominica’s Prime Minister Roosevelt Skerrit credits the Citizenship by Investment Programme as the driving force behind Dominica’s resurgence as a model of ‘resilience’ and ‘build back better’ procedures, as well as the powerhouse behind the nation’s climate change efforts. He also recognises its role in improving traditional sources of state income, such as agriculture, which has benefited from crop diversification and the introduction of hydroponics and greenhouse technology. Finally, he praises the Programme’s impact on the services sector, particularly by the funding of eco-hotels and resorts, restaurants, and sites such as an upcoming cruise village. H.E. Emmanuel Nanthan, Coordinator of the Citizenship by Investment Unit, highlights the significance of the Programme’s real estate option, introduced in 2014. The option, he says, allowed Dominica to commence construction of six 5-star hotels, while hotel developers took it upon themselves to promote their product to new, niche markets. He also stresses the mutual understanding between Dominica and foreign investors, with the latter showing gratefulness to Dominica for the opportunities provided by the nation’s citizenship.

https://youtu.be/me8ur5OSTzk

Part 2: Spotlight on CBI

The Dominica Citizenship by Investment Programme is generally open to foreigners from all nations, but exceptions exist since 2018 for citizens of Iran, North Korea, and Sudan, who are only eligible if they have not lived in their countries of citizenship for the last 10 years, have no substantial assets there, and are not performing and have not performed any business or similar activity, in whole or in part, in or with these countries. This is because due diligence is paramount to the Programme and its reputation. Indeed, even if persons from Iran, North Korea, and Sudan do qualify for economic citizenship, they must submit to enhanced due diligence procedures. Enhanced due diligence also applies to citizens of Syria. These are only some of the requirements that safeguard the Programme from illicit actors. Another key Programme requirement, for example, is due diligence checks performed by independent, expert firms. Not even the USA’s famous EB-5 Investor Programme, or the United Kingdom’s Tier 1 Investor Programme, have such stringent provisions. For example, today, Iranian citizens can apply under the EB-5 Programme despite the USA itself imposing nationwide and private sanctions on Iran in the name of security. Equally, citizens of North Korea, Sudan, and Syria can all apply under the EB-5 Programme.

https://youtu.be/8euTdIxFLa8

Part 3: Importance of FDI

The PWM team also interviewed Government Information Services Head Daryl Titre, the Foreign and CARICOM Affairs Minister Francine Baron, the Tourism and Culture Minister Robert Tonge, and local developers to discuss the many Programme-financed projects – such as the capital’s West Bridge and a planned international airport – that are helping Dominica modernise, create jobs for local workers, preserve its natural beauty, and reach the goal of becoming the world’s first climate resilient country. The documentary, therefore, is one that looks at the real impact of the Programme by interviewing those best acquainted with its achievements, and by then providing visual evidence of these achievements. It also provides poignant testimony, particularly with respect to the Dominican lives that the Programme has helped to save. “CBI has kept many people alive in Dominica. Why? Because the Government has been able to step in, in terms of people suffering from serious health crises, […] to fly them overseas for medical treatment,” said, for example, Mr Titre.

https://youtu.be/lXn4vyQVe3Q

Part 4: Luxury Travel

Unconfirmed accounts suggest that Al Jazeera journalists Deborah Davies and Kevin Hirten are also interested in reporting on the Dominica Citizenship by Investment Programme. Al Jazeera is one of the Middle East’s most prominent news outlets. With journalism in Dominica currently being hurt by politically motivated agendas intensified by the upcoming election, it would be interesting to see these more responsible reporters make their way to Dominica to explore the island-nation and the lifeline that the Citizenship by Investment Programme has provided to citizens.

https://youtu.be/Le47XiS_shc

Part 5: Building the Perfect Retreat